Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Service typePFRDA-regulated defined-contribution National Pension System Point-of-Presence service
Source 1EligibilityIndian citizens aged 18 to 70, including resident Indians and NRIs; existing coverage under another pension scheme does not exclude an individual
Source 2Account tiersTier I mandatory pension account with tax benefits; optional Tier II investment account with anytime corpus withdrawal and no tax benefit stated by SBI
Source 3Minimum contributionsTier I: ₹500 at opening, ₹500 per contribution and ₹1,000 total per year; Tier II: ₹1,000 at opening and ₹250 per contribution, with no annual minimum stated
Source 4Returns and investment flexibilityMarket-linked returns; choose a pension fund manager, change it once per financial year and change asset allocation four times per financial year
Source 5Fund-management charge range published by SBI0.03% to 0.09%
Source 6Tier I exit at age 60At least 40% to an annuity and up to 60% as lump sum or staggered withdrawal through age 75; full withdrawal if corpus is ₹5 lakh or less
Source 7Tier I exit before age 60After five years, 20% may be withdrawn and 80% goes to an annuity; full withdrawal if corpus is ₹2.5 lakh or less
Source 8Tier I partial withdrawalUp to 25% of employee contributions after a three-year lock-in, no more than three times over the tenure, subject to regulator conditions
Source 9SBI POP charges₹400 registration; initial and subsequent contributions 0.50% capped at ₹25,000; non-contribution transactions ₹30; GST and applicable levies extra
Source 10Opening and contribution channelsOpen through SBI YONO, Online SBI or an SBI PoP-SP branch; subsequent contributions and monthly standing instructions are available online or through registered branches
Source 11Benefits and features
- Portable retirement account across jobs and geographies
- Choice of pension fund manager and asset allocation
- Tier I and optional Tier II access for eligible customers
- YONO, internet-banking and registered-branch channels
- Monthly standing-instruction facility
Eligibility
- Returns are market-linked and not guaranteed by SBI.
- The general page includes NRIs, but SBI's NRI-specific page says Tier II is unavailable to NRIs; NRI customers should use the specific route and verify current PFRDA eligibility.
- Exit, withdrawal, annuity and tax rules are regulatory and may change; confirm current PFRDA and tax provisions before acting.
- The embedded NPS Vatsalya terms are published separately as a minor-only product.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- KYC and subscriber registration documents required by the selected SBI digital or PoP-SP route
- NPS Contribution Instruction Slip for an applicable offline subsequent contribution
- Standing-instruction request where using the branch auto-debit route